The "western" grip name came from players using the "western" on the hard courts of California where the ball tended to have a higher bounce (e.g. Bill Johnston). I think the "eastern" pertained to the grip used for the "not-as-high-a-bounce" of the clay courts of the east coast.

As for the "Continental," someone told me it was the grip used by Abe Lincoln. Another guy told me that it could be attributed to some European guy named Vox, hence the Lincoln Continental and the Vox Continental. obviously j/k

What?? never heard it, how is it griped and whats the advantage of that grip?

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It's basically a western backhand grip, but you would choke up on the handle almost to the throat (extreme North-West, hence the name "Alaskan Grip"). It produces some sick angles when hitting approach shots.